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Tuesday, March 9, 2010

Unclaimed cash could be yours

Posted By on Tue, Mar 9, 2010 at 1:31 PM

Something worth looking into ...

Unlike many nonprofit arts organizations, Actor’s Theatre of Charlotte is operating in the black, but by only $285. So when Executive Director Dan Shoemaker heard the theater company was getting an unexpected $123, the news brightened his day.

“Every little bit helps in these days,” he said.

The organization’s minor windfall is one of many in a little-known state fund of unclaimed cash totaling nearly $600 million. Businesses, individuals and organizations such as Shoemaker’s have rights to the money, but few appear to know about it.

The state treasurer’s office maintains the fund, receiving the money from banks, insurance companies and other entities that must transfer it to the state after losing touch with the rightful owners. Interest generated from the money goes toward loans and scholarships for North Carolina students attending public universities and community colleges, and some of the fund’s principal is used for scholarships and child-welfare programs.

The money comes from a variety of sources, including bank accounts, utility deposits, safe deposit boxes and insurance policies, typically after funds have been abandoned for one to five years. Properties in the fund range in value from one cent to $1 million, and the oldest listing dates to 1985.

Read the rest of this Mecklenburg Times article, by Hannah Mitchell, here. At the bottom of the post, you'll find information on how to find out if you're due any unclaimed funds.

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